There are a few other anomalies that you should consider before you think about switching from old to new.
The paraphernalia that came with the announcement makes mention of an income stream for those who leave between IPP and 55 and not an immediate pension as at present . Clearly the enhanced full career benefits will have to be paid for, and given the statistical longevity, or lack thereof, for military personnel on retirement, the change from 60 to 65 for preserved pensions will not make an earth shattering difference to the final bill. It is very clear from the documentation that immediate pensions will be in a different form than at present and it also states clearly that they will be of a lesser value than at present.
In a nutshell, the new scheme is great if you intend to stay for a full career to 55, but if there is any question of you leaving before 55, then I suggest very close scrutiny of what is on offer when the figures are finally published.
Hanging in a Belfry.......
